| Trulia Reports First Quarter 2014 Results | Record subscriber additions of over 7,000 agents; audience trending to nearly 50m monthly UVs
SAN FRANCISCO--(BUSINESS WIRE)--April 29, 2014--
Trulia, Inc. (NYSE:TRLA), a leading online marketplace for home buyers, sellers, renters and real estate professionals, today announced financial results for the first quarter ended March 31, 2014.
"In Q1 we added more than 7,000 subscribers, which is a record for the company and continues to demonstrate the momentum we are gaining amongst agents who want to connect with transaction-ready buyers and sellers," said Pete Flint, Chief Executive Officer of Trulia. "In the real estate category, agents want to be in front of the most qualified consumers where they receive high quality leads. We now have approximately 66,700 agents using Trulia to drive their business, build a pipeline of clients and close more deals by reaching the nearly 50 million unique visitors that are expected to come to Trulia in the month of April."
Financial Highlights -- First Quarter 2014 (financials include Market Leader)
-- Total revenue for the first quarter of 2014 was $54.5 million, up 127% year-over-year. -- Marketplace revenue of $45.8 million, up 155% year-over-year. -- Media revenue of $8.7 million, up 45% year-over-year. -- Net loss attributable to common stockholders for the first quarter of 2014 was $15.2 million, or $0.41 per share on a basic and diluted basis, compared with a net loss of $2.0 million, or $0.07 per share on a basic and diluted basis, for the first quarter of 2013. -- Adjusted EBITDA for the first quarter of 2014 was $2.8 million, compared with $1.2 million for the first quarter of 2013. -- Adjusted net loss attributable to common stockholders for the first quarter of 2014 was $5.3 million, or $0.14 per share on a basic and diluted basis, compared with an adjusted net loss attributable to common stockholders of $0.6 million, or $0.02 per share on a basic and diluted basis, for the first quarter of 2013.
Key Business Metrics (metrics include Market Leader)
-- Monthly unique visitors in the first quarter of 2014 were 44.6 million, an increase of 42% from 31.4 million in the same period last year. -- Mobile monthly unique visitors in the first quarter of 2014 were 19.0 million, an increase of 68% from 11.4 million in the same period last year. -- Total subscribers as of March 31, 2014 were approximately 66,700*, an increase from the approximately 59,700 as of December 31, 2013. -- Average monthly revenue per subscriber for the first quarter of 2014 was $196, a 5% increase from $187 in the same period last year and a $4 increase from the fourth quarter of 2013. -- New contributions to user-generated content totaled approximately 1.3 million in the first quarter of 2014, a 26% increase from approximately 1.1 million in the same period last year. As of March 31, 2014, this amounted to a cumulative total of more than 13 million contributions to user-generated content.
Selected Business Highlights
-- Redesigned mobile apps: Trulia redesigned its iPhone and Android apps ahead of the spring house hunting season. House hunters now have a comprehensive view of what a home and neighborhood are like with large pictures and easy-to-navigate photo galleries. They can quickly identify local amenities and important neighborhood info like crime, schools, and average sales prices for nearby homes. Home buyers can also save listings that they love, allowing Trulia to recommend the right homes for buyers and sellers as they come onto the market. -- Launch of search experience for new homes: Trulia launched a new search experience for home buyers that are interested in new construction. People searching for new homes approach the search process differently than consumers searching for resale homes, so Trulia now brings information such as community amenities and home design choices to the forefront. The richer new home search experience also provides better exposure for Trulia's builder partners to market their listings. -- Direct data license with two of the nation's largest MLSs: Trulia entered into direct data licenses with My Florida Regional MLS (MFRMLS) and the Arizona Regional Multiple Listing Service (ARMLS), to provide brokers the ability to send listings directly to Trulia. Together, MFRMLS and ARMLS are two of the 10 largest MLSs in the U.S. and collectively serve over 65,000 real estate professionals.
Outlook -- Second Quarter 2014
Trulia is providing its outlook for revenue and Adjusted EBITDA for the second quarter of 2014:
-- Total revenue is expected to be in the range of $61.5 million to $62.5 million. -- Marketplace revenue is expected to be in the range of 80% to 85% of total revenue. -- Adjusted EBITDA is expected to be in the range of $2.3 million to $2.8 million. This represents 4% of revenue at the midpoint of the range.
Outlook -- Full Year 2014
Trulia is updating its outlook for revenue and Adjusted EBITDA for full year 2014:
-- Total revenue is expected to be in the range of $250 million to $253 million, an increase of $5 million from the prior outlook. -- Marketplace revenue is expected to be in the range of 80% to 85% of total revenue. -- Adjusted EBITDA is expected to be in the range of $18 million to $22 million. This represents 8% of revenue at the midpoint of the range.
Conference Call Details
The live webcast of the conference call will be available on the Trulia Investor Relations website at ir.trulia.com. A live dial-in will be available at 866-318-8614, or internationally at 617-399-5133, using passcode 81711587. Following the completion of the call, a recorded replay of the webcast will be available on the Trulia Investor Relations website for one year. A telephone replay of the call will be available at 888-286-8010, or internationally at 617-801-6888, using passcode 50887533, until May 6, 2014.
Trulia will also release details of its results for the first quarter ended March 31 2014 via Twitter on Tuesday, April 29, at 2 p.m. Pacific Time after the market close. Details of Trulia's quarterly financial results can be viewed on Twitter at hashtag #TRLAearnings.
About Trulia, Inc.
Trulia (NYSE:TRLA) gives home buyers, sellers and real estate agents all the tools and valuable information they need to be successful in the home search process. Through its innovative mobile and web products, Trulia provides engaged home buyers and sellers essential information about the house, the neighborhood and the process while connecting them with the right agents. For agents, Trulia, together with its Market Leader subsidiary, provide an end-to-end system that enables them to find and serve clients, create lasting relationships and build their business. Founded in 2005, Trulia is headquartered in San Francisco with offices in New York, Denver and Seattle. Trulia and the Trulia marker logo are registered trademarks of Trulia, Inc.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements in this press release include, but are not limited to: our expectation that nearly 50 million unique visitors will to come to Trulia in the month of April; and our expectations regarding our revenue and Adjusted EBITDA for the second quarter of 2014 and full year 2014. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include the possibility that we do not effectively execute on our national marketing campaign, and that our national marketing campaign does not increase the number of consumers, subscribers and advertisers on our marketplace; the housing market weakens; consumers, subscribers and advertisers do not continue to use our marketplace; we experience expenses that exceed our expectations; Trulia and Market Leader do not integrate successfully; the synergies between Trulia and Market Leader are not realized or not realized to the extent anticipated; and the disruption caused by the merger make it difficult to maintain certain strategic relationships. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2013 that was filed on March 3, 2014. The forward-looking statements in this press release are based on information available to Trulia as of the date hereof, and Trulia disclaims any obligation to update any forward-looking statements, except as required by law.
Use of Non-GAAP Financial Measures: Adjusted EBITDA and Adjusted Net Income/(Loss) and Pro Forma Financial Information |
